ROMANIA Trends and Developments Contributed by: Ileana Glodeanu and Delia Dumitrescu, Wolf Theiss
and long-term growth, reflecting a maturing market focused on quality over volume. Sectoral focus: technology, healthcare and real estate assets PE deals in Romania and the wider CEE region are also shifting noticeably towards larger, sector-driven transactions. • Healthcare is emerging as a consolidation hotspot. Portfolio companies like Regina Maria and ARES are being transformed into platform-scale assets, driven by demographic shifts, stronger regulation and greater government healthcare spending. • Technology leads in PE investment across the region, fuelled by Romania’s strong science technology engineering and mathematics (STEM) talent and rapid digitalisation. Notable investments include Bitdefender, Superbet and various software and fintech firms. • The real estate, hospitality and construction sec - tor topped volume charts in Romania in the first half of 2025, registering 30 public deals and thus reflecting continued investor demand for assets in logistics, industrial parks and hotel properties. • The energy/utilities segment is also gaining trac - tion, reflecting the region’s commitment to a green transition and the global shift towards sustainable investing. The renewable energy sector in particular has seen a wave of M&A activity, with both tradi - tional utility companies and non-traditional players, such as investment funds and industrial consum - ers, participating in deals. • Additionally, sectors such as advanced manufac - turing, logistics and business services are attract - ing more investment. Strategic and cross-border transactions The PE sector is increasingly characterised by cross- border consolidation and platform-based strategies. Local and regional firms are leading efforts to combine smaller players in fragmented niches, with buy-and build models becoming the norm. Meanwhile, interna - tional investors are also playing a more prominent role, especially in larger-scale transactions. Interestingly, in the first half of 2025, the United Kingdom overtook the United States as Romania’s top foreign investor, while
other major contributors included Poland, Germany, the Czech Republic, Austria and France. Evolving deal structures and exit strategies The evolution of deal structures is another noteworthy trend. PE firms are increasingly using creative deal mechanisms, from continuation vehicles to earn-outs and secondary transactions, to manage liquidity, extend investment hold times and adapt to evolving portfolio needs. This flexibility has contributed to a strong rebound in exit activity, particularly in Romania, where traditional exit routes like IPOs remain some - what limited. In 2024, the CEE region recorded its highest exit value since 2020, with divestment totals rising by roughly 33% to EUR1.35 billion according to EY’s above-mentioned global report. A mix of trade sales and secondary buyouts, as well as public market listings, are being used more frequently. Notably, a growing base of veteran fund managers and a series of successful exits are attracting increasing interest from overseas investors. Deal structures in Romania generally follow interna - tional norms, with some local adaptations. • Leveraged buyouts are still the predominant structure, but higher interest rates have made debt financing more expensive and deal execution more cautious. • Minority investments are increasingly being used for growth-stage companies needing capital to scale their operations, especially in tech and healthcare. • Local banks actively provide debt financing, often alongside international lenders, particularly for large or cross-border deals. Financing terms vary based on deal size, borrower creditworthiness and market conditions. The complexity of financ - ing structures is rising, with investors employing mezzanine debt, earn-outs and structured equity to balance risks and returns. Romanian PE exits typically occur through: • trade sales, which is the dominant exit route, by selling portfolio companies to strategic buyers who seek market expansion or technology acquisitions;
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